The Milliken Industrials Limited Pension Plan has completed a bulk purchase annuity buy-in with Royal London. The deal secures the pensions of around 500 plan members.
“The trustees are excited to be able to announce the securing of pensions for all members with Royal London. This is a great outcome for our members, who will benefit from the added long-term security offered by the insurer. The success of this transaction is a result of huge efforts and great collaboration from our advisers Barnett Waddingham and Eversheds, together with excellent support from the Royal London team,” said a spokesperson for the trustees.
“We worked in close alignment with the trustees and Barnett Waddingham throughout the project and we now look forward to welcoming the 500 members of the Milliken Industrials Limited Pension Plan to Royal London. Together we fostered a collaborative and transparent relationship built on shared respect and purpose,” added Moin Patala, BPA Origination Lead at Royal London.
The trustees were advised by Barnett Waddingham and Eversheds Sutherland for this sole insurer process, which secures the pensions of around 500 Plan members. Royal London, the only customer-owned mutual insurance company operating within the BPA market, was advised by Mayer Brown.
“There is nothing better than arranging a deal which meets the client’s key requirements and means good news for everyone involved. This was our first signed transaction with Royal London, whose pragmatism and spirit of collaboration with us were key to getting the right deal to secure benefits for the Plan’s members,” said Adam Walker, Risk Transfer Partner at Barnett Waddingham.